Insurance Diminished Value Claim
Diminished value laws vary by state so your chances of winning a first party or third party diminished value claim can depend on where you live.
Insurance diminished value claim. How to calculate diminished value. Diminished value refers to the difference in your car s market value before and after the accident. The diminished value is based on how much. The name is derived from its use in a georgia court case where the concept was first established.
While there isn t a diminished value calculator that ll be applicable in every instance insurers typically use the 17c formula or a modified version of it. Because many states use immediate diminished value as the primary measure for determining lost value the burden of compensation usually falls on the insurance company responsible for the claim. Most car insurance companies in the united states calculate diminished value using a formula called 17c. Almost every vehicle that has been in a wreck will have some form of inherent diminished value.
If you or the other driver in the accident have auto insurance to cover your vehicle then the. An appraisal is the first step to a successful claim even if you don t plan to sell the car hixenbaugh says. This value can easily amount to a few thousand dollars for newer vehicles. A diminished value insurance claim is when you request an amount of money from your car insurance company to compensate you for the difference between your car s value before the repairs prior to the accident and its current value now that it has been repaired.
Diminished value is the automatic loss of value from a auto collision.
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